Start with the revenue line. Planet Labs reported revenue of $307.7 million for the fiscal year ended January 31, 2026, up 26%, or $63.4 million, from $244.4 million the prior year, according to its Form 10-K. The 10-K attributes the increase "primarily" to a $64.0 million increase in the defense and intelligence vertical — a single end-market doing essentially all of the year's growth. The momentum carried into the new year: the most recent 10-Q shows first-quarter revenue of $94.2 million versus $66.3 million a year earlier. Crossing $300 million in recurring-heavy revenue separates Planet from the pre-revenue cohort it is often grouped with.

Underneath the top line, the recurring metrics strengthened. The 10-K reports remaining performance obligations of $852.4 million as of January 31, 2026 — contracted future revenue not yet recognized, equal to nearly three years of revenue at the current run-rate, and a far larger contracted runway than the $153.4 million Planet carried in its first public year. Net Dollar Retention Rate rose to 116% from 106%, meaning the existing customer base alone expanded spending 16% year over year before any new logos. Gross profit reached $172.5 million on the $307.7 million of revenue, a roughly 56% gross margin — the hallmark of the "one-to-many" model in which, as the filing puts it, "images we capture can be sold and leveraged for analytics an unlimited number of times."

The reported net loss looks alarming in isolation and needs the filing's own context. Planet posted a net loss of $246.9 million, up sharply from $123.2 million the prior year — but the 10-K's cash-flow reconciliation shows the loss was "adjusted for non-cash items" that primarily included a $161.4 million change in the fair value of warrant liabilities. That warrant remeasurement is a non-cash, mark-to-market accounting item, not an operating cash outflow; stripping it out, the underlying operating loss was far smaller than the headline and broadly in line with the prior year. Report-don't-opine: the GAAP net loss is $246.9 million, but a reader pricing the business should separate the warrant mark from operating performance.

The customer data sharpens the picture of where growth is coming from. The 10-K reports an end-of-period customer count of 897 as of January 31, 2026, down from 976 a year earlier — fewer total customers, yet 26% revenue growth and 116% net retention. The combination is unambiguous: the year's growth was driven by existing customers expanding their spend, not by adding logos. That is a higher-quality form of growth in one sense (deepening relationships, larger contracts, the RPO building) and a flag in another (the new-customer funnel shrank). For a markets reader, a rising-RPO, rising-retention, falling-count profile is the signature of an enterprise and government book consolidating around fewer, larger accounts.

The balance sheet is stronger than a single line suggests. Planet ended the fiscal year with $229.4 million in cash and equivalents — but the 10-K also discloses $410.6 million of short-term investments that are "highly liquid in nature and available for current operations." Combined, that is roughly $640 million of liquidity, not the $229 million the cash line alone implies, and it more than doubled from the prior year's combined $222 million ($118.0 million cash plus $104.0 million short-term investments). The earlier framing of a "thinner cash line" holds only against the multi-billion-dollar war chests of pre-revenue constellation builders, and only if short-term investments are ignored; on its own terms, Planet's liquidity grew materially during the year.

That changes the runway math entirely. The difference in posture from a pre-revenue peer is the point: Planet funds a meaningful share of its operations from actual customer revenue, so the survival question is not "when does the next raise come" but "does the business reach sustained free-cash-flow generation." With $640 million of liquidity, RPO of $852.4 million, and net retention above 115%, the levers are revenue growth and cost discipline rather than capital-markets access. The 10-K's own liquidity representation reflects that, stating management believes anticipated operating cash flows together with cash on hand are sufficient to meet its obligations.

Geography reinforces the same theme. The revenue table shows North America revenue anchored by the United States at $123.9 million, up from $109.9 million, with Japan contributing $38.0 million within the Asia-Pacific region. The U.S. line — heavily defense-and-intelligence weighted — grew while several other regions were flat to down, consistent with the filing's attribution of growth to that single vertical. The asset behind it all is the fleet and its archive: the 10-K describes SkySat and Pelican satellites delivering sub-meter rapid-revisit imagery and a new hyperspectral satellite, Tanager, "capturing over 400 spectral bands," with the daily-growing data archive used "to train our models." The recurring revenue rests on that compounding archive as much as on any single contract.

The concentration the growth story rests on is also its main risk. Because the defense and intelligence vertical drove essentially all of the $63.4 million revenue increase, the durability of the runway is tied to government program funding and renewals more than the broad "recurring" label implies. That is the figure to watch against the RPO: whether the 116% net retention and the $852 million contracted backlog continue to convert as a government-weighted book, or whether commercial and civil verticals broaden the base. For a markets reader, Planet is the rare new-space name where the income statement does real work — but the candid read is that one end-market is carrying the growth, and execution against it is what the next 10-Q will test. Filings on sec.gov, surfaced via SEC filings.